Despite the news of NFTs crashing on multiple occasions, we see this new technology booming like anything. NFTs are not very old but there is something magical about them that has attracted people to search NFT business ideas and use cases. It is easy to identify NFTs becoming a part of various industries like healthcare, games, IT, banking, and many others. One thing that a lot of people are wondering about is the way NFTs are going to end or are they ever going to diminish from the market?
While the experts try to answer those questions, one thing is guaranteed that NFTs are here to stay for a long time and have a lot of potential to grow into multiple branches. Not just the well-established businesses are investing in them, but a lot of startups are trying to generate revenues using NFTs as well. If you are looking for some ideas or are just curious about possible NFT use cases, we are going to explain some.
What Does NFT Mean?
It is easy to be intrigued to start an nft business knowing their potential and the ways they can generate money. However, before you start laying down the basis of your business, you must have in-depth knowledge about NFTs. Almost 70% of Americans are aware of the real concept and potential of NFTs. Some people believe that NFTs are just like cryptocurrencies when in reality they are much different. You must have heard that they stand for Non-Fungible Tokens but that is not all about them.
NFTs are a collection of digital assets that are one of a kind. They can include just anything that is present digitally. Famous examples include images, videos, GIFs, movies, music, virtual worlds, etc. There are dozens of ways to produce NFTs and showcase them on the internet for people to bid and purchase. People can either purchase an NFT using cryptocurrency or have it bargained with another NFT.
Since they are present digitally, one can easily sell, buy or exchange them like digital currency. However, their uniqueness requires the owner to have them issued or registered to his name making sure no one can steal the authorization. Another feature that sets NFTs apart from cryptocurrencies is that they are built on Ethereum blockchain technology. It ensures complete transparency as it is easy to track while ensuring the safety and security of the users.
How Do Businesses Benefit From NFT Services?
An article posted by CNBC revealed statistics about the growth of NFTs. The majority of the people are aware of the way this new technology is booming but no one would have guessed that trading volume for NFTs will rise by 704% in just 3 months. The results were shared after conducting a close study of the trading of NFTs between the second and third quarters of 2021.
This clearly shows the presence of a huge number of people and businesses on the NFT platforms. However, one might wonder about the benefits businesses enjoy due to NFTs. Well, we have created a list of the benefits NFTs are providing to a lot of businesses all over the globe.
- 1. Since it has become mandatory for businesses to have a digital presence, security is always the number one concern. Based on Ethereum blockchain, NFTs provide 100% security to businesses. It keeps the necessary data safe from tampering and unauthorized access. Robust encryption is the secret to 360-degree security.
- As NFTs have become widely famous, we can expect a lot of people to fall in love with them soon. This places businesses in a good place to stay close to their target market and have a greater number of customers as compared to their competitors who are not present on NFT platforms.
- The highly customizable nature of NFTs makes them a good tool for businesses looking to provide a customized experience to their users. Like NFTs are unique, the businesses get to provide unique treatment to their customers.
- Using NFTs, businesses don’t have to worry about various techniques to eradicate identity theft. Businesses requiring their customers to upload documents frequently for the purpose of verification use NFTs. The NFTs owned by their customers are used to verify their identity with the help of NFT experts.
- Businesses are offering faster transactions with the help of NFTs as they are easy to transfer at the speed of light. NFTs are usually built on smarter contracts unlike cryptocurrencies and are hence, easier to exchange and sell in the world outside of NFT platforms as well.
These are just some of the many benefits businesses are having from the usage of NFTs. You can easily find a lot of businesses planning to incorporate NFTs in one way or another. It is the best time for you to start your own NFT business and grow with this technology to have a better chunk of the target market.
Top 11 Promising NFT Use Cases And Business Ideas
Even though NFTs are growing at an unbelievable rate and offer businesses a huge potential to grow, it is never easy to come up with business ideas around them. One must have to think about a dozen of elements and place them perfectly to ensure a smooth launch of the business from the ideation stage to the launch. You might have to do a lot of research and even read comments from the market experts to ensure your business idea is good according to the time and maturity of the market. Before you start thinking about use cases on your own, we have the 11 most promising use cases you might want to consider for your business.
NFT in The Digital World
Since NFT itself belongs to a digital world, the first use case we would like to present is the merger of NFT and the digital world. It is evident that making a copy of a digital file is not difficult, however, the non-fungible nature of NFTs ensures that no NFT can be duplicated. On the other hand, one can easily find tons of websites and platforms full of digital artwork that has not been authorized at NFTs at the moment. You can use this market gap as a good opportunity and play your best here.
Develop a platform that gathers digital data from all the free art galleries and websites present on the internet, filters them based on NFT authorization, and makes copies of artwork that has not been converted into NFTs. You can add one or two more elements into the file, change colors, or apply a new theme to add a bit of uniqueness. In the next step, authorize all of the edited digital files as NFTs and showcase them on your platform and have users bid on them.
NFT in Gaming Universe
The next biggest industry you can tap into with an idea based on NFTs in the gaming universe. It would not be the first time for NFTs to enter into games as a lot of games hosted on the internet are already using NFTs. You can, however, take these games onto a whole new level. These games have been offering the players to only exchange NFTs if they want and have a secure experience. However, the gamers want something unique and more exciting.
We have an idea that can provide you with a chance to provide gamers with what they are asking for. Come up with two or three gaming ideas and develop a platform for them. Introduce some NFTs as the non-duplicable goods that can be exchanged or won in the game. Also, give them the option to transfer the NFTs won to the platforms of their choice or swap a cryptocurrency of their liking. This would encourage the gamers to come back to your platform and play more as the NFTs won can be used by them for various purposes.
You must look at the story of the most famous French soccer game, Sorare, which introduced NFTs to its gamers and raised successful funding of $680 million by SoftBank. You can even sign up for various sponsorships and win some or just make a business yourself with our idea.
NFT in Real Estate Industry
You might have noticed that the world of real estate has been digitalizing in the past few years. One can see a lot of new websites and mobile apps emerging on the scene providing customers with opportunities to buy and sell properties. It presents you with a perfect opportunity to present an idea merging real estate solutions with NFTs. You can design a platform that converts a property into an NFT since both of them are unique.
These NFTs can then be treated as digital tokens representing a property along with its details like location, type, price, and dimensions. This will provide an extra layer of security to people using these platforms and make it easy for them to buy and sell property using the blockchain.
NFT with Fashion Trends
The fashion industry is already moving towards the NFT market and puts you in a good place to start an nft business as well. You can develop a mobile app that is capable of converting different fashion items like accessories and clothing into digital tokens and hosting them for selling.
Moreover, you can also include some augmented reality merging with physical couture to add to a new stream of the fashion industry – digital clothing. You can even invite different fashion brands like Zara, Omega, and Dolce & Gabbana to sell their items on your app. Collezione Genesi is an example of such platforms selling fashion items as NFTs.
NFT with VR
With the advent of Meta, the world of virtual reality is becoming advanced and more interesting. A lot of people are merging VR with NFTs to bring forth some new solutions to various problems. You can also create a platform that merges virtual reality games with NFTs. The users can pay NFTs to subscribe to a membership and you can offer rewards in NFTs as well. Moreover, you can develop an app that would offer virtual tours to various lands on sale to the customers. Allow the users to upload virtual tours to their lands on sale and allow buyers to pay in NFTs to buy a land of their choice.
NFT with Music Market
As we have already established that NFTs are unique so it is reasonable to link them to any other item that is unique in nature. Music is one of those elements that can easily be linked with NFTs given their uniqueness. Build a platform where various musicians can make their accounts by paying you a membership fee and upload their audio pieces in the form of NFTs.
These music files can be limited edition or early releases of an album having value in the market. As it would allow the musicians to gain more popularity and a chance to earn better, the chances of your app going famous are huge. Being a third-party, you can even charge commission as well.
NFT in Logistics
Logistics is yet another big industry and it would be an excellent decision to enter into it with NFT solutions. In case you are wondering about what could be done, we have an idea for you. You can build a platform that treats every fleet, event, and container as a unique element. Since tracking is very important in the world of logistics, you can use NFTs to track the vehicles on road. You can even offer unmatched transparency and better efficiency to supply chains. TradeLens is a good example of such a platform that has been implementing this idea in the industry for the last 3 years.
NFT and Wearables
The digital wearables we have in the industry are there to make the lives of people easier and more efficient. However, every wearable is linked to only one account of a person. This is exactly where you can come in with your new NFT business. You can design a mobile app that treats every wearable as a unique NFT.
When bought, your app can transfer this NFT to the name of the buyer and have him use it on as many devices as he wants as long as it is connected with the same account or has similar credentials. This would even reduce the cases of theft as people will know an NFT wearable can only be used by the one who has its authorization.
NFT and Decentralized Finance
Just like NFTs, Decentralized Finance or DeFi is also new in the market and has a huge potential to grow. The idea of DeFi is totally based on the decentralized nature of NFTs and blockchain technology. A huge number of market leaders see it as an alternative to financial services that have been in the market since the beginning. While some might think DeFi is what the future holds, others know it is already here as the market has started progressing towards it already.
It has successfully managed to eliminate the need for intermediaries. You can present a platform that uses the mechanism of DeFi for the buying and selling of NFTs. This will aid the users of NFTs to capitalize on the assets they possess and get involved in lending, borrowing, and staking as well. This will help them to earn interest on their assets while still having hold of them. An interesting fact to note here is that the lenders would not be lending the actual NFT token but only a partial value of it to ensure they still have its authorization.
The world of NFTs is expanding at a faster pace than anticipated by the experts of the market. We would be witnessing NFT merging with a lot of the industries and giving birth to platforms and apps like never seen before. This has forced a lot of businesses to start thinking in terms of providing apps that run on NFT. This also presents a huge opportunity for entrepreneurs and businessmen all around the world to enter the market with some groundbreaking ideas. Now, either you can sit and try to come up with an idea on your own or start an nft business based on the use cases provided.
If you are worried that you are short on skilled people or don’t have the right tools and technologies, we have a solution to that as well. Get in touch with the professionals of Origami Studios. This software and mobile app development house based in the USA is full of skilled, talented, and experienced developers. So far, they have developed and delivered hundreds of solutions to their clients with 5-star ratings. You can visit their project portfolio to see everything they have accomplished so far. In case you are unsure about the idea, set up a call with their professionals and they would guide you step by step.
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